26 November 2007
Valiant Petroleum: Successful appraisal of Crawford field Triassic reservoir and Tertiary oil discovery
Valiant Petroleum Limited, the North Sea focused exploration and production company, announces that appraisal well 9/28a-18 on the Crawford field has confirmed the extension of the Triassic reservoir to the north of the previous Triassic wells, and has discovered oil in a separate Tertiary horizon. The Crawford field was originally developed by Hamilton Brothers but was decommissioned in 1990.
The appraisal well was drilled at a 70° well bore deviation and encountered over 1,200 ft of oil bearing sandstone in the Triassic Cormorant, equivalent to a 400 ft vertical section.
Log characteristics are consistent with previous Triassic wells on the Crawford field, proving the extension of the Cormorant formation into the northern part of the field.
A 62 ft oil column containing 40 ft of pay was also discovered on the Delta A prospect as identified on wireline logs in a good quality sand section. Wireline pressure test information confirms a medium oil density consistent with other Tertiary fields in the area. As a result of the extensive testing planned for the Triassic section, this interval will not be flow tested at this time.
The operator, Fairfield Energy, is investigating the availability of hydraulic frac equipment to test the Triassic Cormorant formation. In the event that the appropriate equipment cannot be sourced in a reasonable time frame, the operator will suspend the well without testing, pending a return in Q2 2008 when the group has a drilling slot secured on the Sedco 704 semi-submersible drilling unit.
Peter Buchanan, Valiant Petroleum's Chief Executive Officer, commented:
"The positive result of this appraisal well is in line with our pre-drill expectations and will help us determine the next step in the redevelopment plan for the field. We look forward to working with our co-venturers to drive it forward.
In addition to Crawford, we have recently completed a four well programme on Causeway and are currently drilling the Don South West appraisal well, the results of which we expect around the end of the month".
For further information, please contact:
Valiant Petroleum Limited
www.valiant-petroleum.com
Peter Buchanan, Chief Executive Officer
Steve Edgley, Finance Director
+44 (0)1483 755 666
Aquila Financial Limited
www.aquila-financial.com
Peter Reilly +44 (0) 20 7202 2601
Yvonne Fraser +44 (0) 20 7202 2609
Notes to editors:
Valiant Petroleum is a privately-owned UK company pursuing a strategy to build an asset base in the North Sea, in particular around the Greater Don Area. Current assets include UK North Sea Blocks 211/17, 211/18a, 211/18c, 211/11a (West Magnus), 211/22aSE and 211/23d (Causeway) and 9/28a (Crawford), all of which are located close to each other in the northern North Sea and are within reach of existing infrastructure.
Valiant owns 29% of the Crawford field, along with the operator, Fairfield Energy Ltd (52%) and Stratic Energy (UK) Ltd (19%).
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